RBI directs banks to ensure availability of cash in ATMs; defaulting banks to be penalised w.e.f. Oct 1, 2021

RBI has decided that the banks/ White Label ATM Operators (WLAOs) shall strengthen their systems/ mechanisms to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs. Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty as stipulated in the “Scheme of Penalty for non-replenishment of ATMs. The Scheme shall be effective from October 01, 2021.RBI has decided that the banks/ White Label ATM Operators (WLAOs) shall strengthen their systems/ mechanisms to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs. Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty as stipulated in the “Scheme of Penalty for non-replenishment of ATMs. The Scheme shall be effective from October 01, 2021.taxmann.com Latest Statutory HappeningsRead More

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